- Lyft, Inc (NASDAQ:LYFT) prepares to slash 1,200 or more jobs in a new round of layoffs to reduce costs.
- The downsizing could impact 30% or more of Lyft’s more than 4,000 employees, the Wall Street Journal reports.
- The reduction could help Lyft slash 50% of its costs. Lyft does not count its drivers as employees.
- Also Read: Meta’s Townhall: Mark Zuckerberg Updates On Layoffs, Hiring and Incentives
- Lyft’s move comes days after new CEO David Risher took charge and followed an earlier round of cuts that shed about 700 people in 2022.
- Lyft struggled to gain market share versus Uber Technologies Inc (NYSE:UBER), which gained market share and drivers during the pandemic.
- Lyft also chose not to diversify beyond transportation and geography, unlike Uber.
- Lyft was also slower to roll out bonuses and new features to entice drivers during a yearslong labor shortage on pandemic recovery.
- Price Action: LYFT shares traded higher by 0.61% at $9.90 on the last check Friday.
- Photo via Wikimedia Commons
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